EUR/JPY Prints 12 Year Lows…More Downside?
Selling off for 8 days in a row, the EURJPY has been getting pummeled by the Greek tragedy and the Pain in Spain, which now (the latter) seems to be taking center stage. We checked the data and 8 days is the max. consecutive selling days this pair has printed over the last 12 years. It has only done this (8 days of consecutive selling) 2x in history, today completing the 2nd time. It has also spent 24 consecutive candles below the 20ema with no touches (longest is 36). Thus, we are getting into over-extended territory, at least on the consecutive bear candles side.

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